Yes, that's possible as there are strong indications from the sports ministry, which is determined to ensure that the cashrich board adheres to the guidelines meant for all national sports federations ( NSFs).
And if the issue reaches a flashpoint, the BCCI would not be able to field a 'national' team. It could also mean that Mahendra Singh Dhoni and Co. would possibly no more represent their country. If the richest sports body of the country remains adamant, it could lead to a legal battle with the government.
BCCI, at a special general body meeting on Saturday in Mumbai, decided not to reply to the ministry's letter and decided that it would go for legal opinion if pressurised further.
In its 78-year-old existence, the BCCI has probably never been dependent on the sports ministry.
Ministry may take 'India' out of BCCI | Cricket News - Yahoo! Cricket